Virtusa reports record $1B fiscal 2018 revenue

Southborough IT giant Virtusa ended its fiscal 2018 in excess of $1 billion in revenue for the first time in the company's history.

The company in its Tuesday's earnings report reported revenues of $1.02 billion, an increase of 19 percent from the prior year.

"Our continued above-industry growth is a testament to the success of our strategy. As we look to fiscal 2019 and beyond, we believe Virtusa is in a position of strength, given our ability to help transform our clients' businesses at every level through end-to-end digital transformation and IT platform rationalization and modernization, driving significant ROI for our clients," Chairman and CEO Kris Canekeratne said in the earnings announcement.

Despite the bump in revenues, the company actually lost about $2.7 million in the fiscal year, largely attributed to a $22.7 million tax hit due to the Tax Cuts and Jobs Act. That expense included $17.8 million to repatriate foreign earnings and a provisional net deferred tax expense of $4.9 million.

For the fourth quarter, which ended in March, revenue was $281.3 million, a 24.5-percent increase from the prior year.